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1、Chapter20AppendixCreditandInventoryManagement McGraw Hill Irwin Copyright 2013byTheMcGraw HillCompanies Inc Allrightsreserved AlternativeCreditPolicyAnalysis TheOne ShotApproachEvaluatethebenefitofaone timeswitchincreditpolicybycalculatingtheNPVoftheincrementalcashflowsTheAccountsReceivableApproachE
2、valuatetheNPVbasedonthecostofcarryingreceivablesplustheincrementalinvestment relativetothebenefitofthechange BothapproachesprovidethesameNPVsolution 20A 2 DiscountsandDefaultRisk percentageofcreditsalesthatgouncollectedd percentagediscountallowedforcashcustomersP creditprice nodiscount P cashprice P 1 d AssumingnochangeinQ then Netincrementalcashflow 1 P v Q P v Q P Q d NPV PQ P Q d R 20A 3 EndofChapter 20A 4